As the current offer is 11.1% higher than Bumi Resources' earlier offer of A$2.25 per share, Herald's board of directors has withdrawn its earlier recommendation dated January 23 that shareholders tender their shares to Bumi. It is now recommending the Antam-Zhongjin offer.
Antam is 65%-owned by the Government of Indonesia with the rest of the shares widely dispersed. It already owns 20% of HeraldÆs Dairi project in Sumatra in Indonesia via a joint venture with Herald. The Dairi zinclead mining project,...
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